Aceto Corp. (ACET) Sees Large Volume Increase
Aceto Corp. (NASDAQ:ACET) shares saw unusually-strong trading volume on Wednesday . Approximately 371,812 shares traded hands during trading, an increase of 79% from the previous session’s volume of 207,449 shares.The stock last traded at $23.12 and had previously closed at $22.44.
Several equities research analysts recently commented on ACET shares. Zacks Investment Research raised Aceto Corp. from a “sell” rating to a “hold” rating in a research note on Monday, April 11th. First Analysis assumed coverage on Aceto Corp. in a research note on Wednesday, March 30th. They issued an “overweight” rating and a $30.00 price objective for the company.
The stock has a market capitalization of $684.01 million and a PE ratio of 16.41. The company’s 50 day moving average price is $22.15 and its 200 day moving average price is $22.59.
Aceto Corp. (NASDAQ:ACET) last released its quarterly earnings results on Thursday, May 5th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.03. The firm had revenue of $157.90 million for the quarter, compared to the consensus estimate of $150.07 million. Aceto Corp.’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 earnings per share. Equities analysts expect that Aceto Corp. will post $1.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 24th. Stockholders of record on Thursday, June 9th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, June 7th. This represents a $0.24 annualized dividend and a dividend yield of 1.04%.
In related news, VP Terry Kippley sold 2,000 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $22.50, for a total value of $45,000.00. Following the transaction, the vice president now directly owns 19,249 shares of the company’s stock, valued at approximately $433,102.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William N. Britton sold 4,200 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $23.12, for a total value of $97,104.00. Following the completion of the transaction, the director now directly owns 44,767 shares in the company, valued at $1,035,013.04. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Aceto Corp. by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,023,521 shares of the company’s stock worth $54,595,000 after buying an additional 61,871 shares in the last quarter. Redwood Investments LLC boosted its position in shares of Aceto Corp. by 28.5% in the fourth quarter. Redwood Investments LLC now owns 52,278 shares of the company’s stock worth $1,410,000 after buying an additional 11,584 shares in the last quarter. Morgan Stanley boosted its position in shares of Aceto Corp. by 15.7% in the fourth quarter. Morgan Stanley now owns 457,690 shares of the company’s stock worth $12,349,000 after buying an additional 62,003 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Aceto Corp. by 24.6% in the fourth quarter. California Public Employees Retirement System now owns 115,000 shares of the company’s stock worth $3,103,000 after buying an additional 22,700 shares in the last quarter. Finally, Cadence Capital Management LLC boosted its position in shares of Aceto Corp. by 8.5% in the fourth quarter. Cadence Capital Management LLC now owns 41,574 shares of the company’s stock worth $1,122,000 after buying an additional 3,260 shares in the last quarter.
Aceto Corporation (Aceto) is engaged in marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products.